Clarify the decision
The lender may be able to explain factors that influenced its decision, although the level of detail can vary. Ask whether the issue relates to affordability, credit history, security, product fit, missing evidence or scheme eligibility. Correct factual errors where appropriate and request a clear explanation of any next step.
- Ask what information can be shared.
- Check that the application accurately described the business and group.
- Do not assume a declined application means the business is ineligible for all finance.
Review the funding request
A lender may have concerns about the requested amount, repayment period, purpose or cash-flow assumptions. Revisit the funding need and repayment plan using current, supportable information. A different product may be worth discussing, but suitability depends on circumstances and lender availability.
- Reconcile forecasts with actual trading figures.
- Consider whether the amount and repayment schedule are sustainable.
- Ask whether a different eligible product can be assessed.
Consider next steps carefully
A business can contact another accredited lender, but each provider applies its own criteria and no outcome is guaranteed. Compare the full terms and be candid about previous applications and existing borrowing. For financial, legal or insolvency concerns, seek appropriately qualified independent advice.
- Check the official current lender directory.
- Avoid repeated applications without addressing material issues.
- Do not pay an intermediary based on claims of guaranteed approval.